The local real estate market has strengthened a lot since this time last year. In Fair Haven, Little Silver and Rumson most of the 4 key real estate market indicators (sales, listings, inventory, and average sales price) are now positive. However, has your Realtor told you where the best real estate market is right now? The fact is that Shrewsbury is the only local town where ALL of the 4 key real estate indicators are positive, and it’s the only town where the months’ supply of homes (what Realtors call the Absorption Rate) is less than 7 months. Here’s all of the current information:
Shrewsbury Home Sales January - June 2012 (6 Months Year To Date)
Many more homes sold.
Slightly fewer homes on market.
Months' Supply (Absorption Rate)
Homes selling MUCH faster.
Average Sale $ (Value)
17.4% higher sales price.
Average Listing $
17.5% higher listing price.
Avg Sale/List %
Same Sales $/Listing $ %.
If you have any doubt that the real estate market is healthy again, these numbers should change your mind. To me the sales (Demand) and months’ supply (Absorption Rate) data are the most significant because they have changed so dramatically. If you look at sales, we’re talking about sales that have more than doubled. However, to a real estate agent, the change the Absorption Rate is even more important.
Just to refresh your memory, the Absorption Rate is the number of months it will take to sell all of the existing listings, assuming that sales continue at the current rate. In a “normal” real estate market the Absorption Rate is between 5 and 7 months, with less than 5 months being a “seller’s market” and more than 7 months being a “buyer’s market”. To go from a 12.6 month Absorption Rate to a 5.9 month one is a huge change- in Shrewsbury, it says that we’re back to a “normal market”, and actually heading towards a “seller’s market”.
Shrewsbury is a great place to live, and right now it’s the hidden gem among its more famous neighboring towns. You’re close to water and the Jersey shore; Red Bank’s downtown scene is right next door; you can easily get into New York by car, train or ferry; and you have a terrific school system! To top it off, home prices aren’t as high as in some of the surrounding towns.
We’ve done extensive town-by-town research about the local real estate market, and if you’re thinking of buying or selling a home in the next few months it might help you make an informed, data-driven decision. If you’d like more detailed information about the current Shrewsbury real estate market, just send me an email (firstname.lastname@example.org) or call me at (732) 239-0739 and I’ll be happy to share it with you.
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760